Budget 2016: Special patent regime with 10% tax on exploitation of IP worldwide

Agencies take noteECONOMICTIMES.COM | February 29, 2016, 13:58 IST

Picture source: ThinkStockHere's some news for agencies. In a contentious announcement the Finance Minister announced an additional 10 per cent tax on income generated from the exploitation of intellectual property used anywhere in the world.

The fact that this income is already being enjoyed by both corporates and individuals and corporate tax and income tax is being paid on such income, tax practitioners are looking out for better interpretation and explanation is being sought on this announcement.